FHA eases restrictions on condo mortgages

The Federal Housing Administration (FHA) is preparing to change its rules on condominiums (condos) that currently cause large numbers of units to be ineligible for low-downpayment insured mortgages. Under the FHA’s current regulations, only 25% of all condo projects potentially eligible for FHA-financing are approved. The FHA’s condo mortgage requirements have denied many buyers mortgages,…

FHA increases premiums effective April 1, 2012

The Federal Housing Administration (FHA) is raising its mortgage insurance premium (MIP) fees. Annual premiums, which are paid monthly, and upfront premiums, which are paid only once on the origination of the loan, will be revised to conform to the following guidelines: effective April 1, 2012, annual MIPs for loans under $625,500 will  increase to…